Asian countries are seeking to unlock investment and ease cross-border financing as digital technologies transform financial markets, a key focus of the first CICA Finance Summit in Astana, attended by representatives from 16 member states.
The summit marks the launch of a new financial platform within CICA, a forum of 28 countries that includes China, India, Russia, Türkiye, Iran, Israel, Gulf states and the countries of Central Asia. Kazakhstan proposed the Finance Summit in 2022, and it has now been launched under Azerbaijan’s chairmanship of CICA. The AIFC Authority chairs the platform, with Azerbaijan’s Ministry of Finance as co-chair. It already has a sizeable business base to build on, withmore than 5,200 companies from CICA member states registered at the Astana International Financial Centre.
Countries arrived in Astana with different proposals for strengthening financial ties. China said its China-Eurasian Economic Cooperation Fund could support projects in new energy, water supply and healthcare. India offered its experience in digital payments and cybersecurity, pointing to its UPI payment system, which processes around 825 million transactions a day. Israel stressed that the growth of digital finance and artificial intelligence also requires sound regulation, cyber resilience and investor protection.
Other proposals centred on making it easier for capital to cross borders and reach development projects. Russia proposed wider use of national currencies in international settlements and cooperation on digital currencies, stablecoins and blockchain systems. Türkiye focused on fintech, impact investment and green finance, while Jordan backed regional co-financing for infrastructure, green projects and Islamic finance. Representatives from the Palestinian territories called for greater investment in development projects and increased support from financial institutions for the economy.
Many of the proposals centred on a common challenge: attracting more private and cross-border capital, particularly for sustainable projects. The meeting ended with an outcome document covering green and sustainable finance, the use of national currencies in mutual settlements, digital finance and cross-border financial infrastructure.
A conference following the summit examined more closely how to develop commercially viable projects capable of attracting private investment.
The Astana meeting outlined areas where CICA countries believe greater cooperation is possible, but translating those proposals into concrete projects could prove more difficult. Its members have different financial systems, regulations and economic priorities, while decisions within CICA are made by consensus.
The next CICA Summit is due to be held in Baku on 15 October under Azerbaijan’s chairmanship.
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